Round Hill Capital acquires 205-unit North Carolina apartment community

Round Hill Capital, a global real estate investment, development and asset management firm, on behalf of its US Residential Income and Growth Fund (USRIG), has acquired Cortland Cary, a multifamily apartment community located in Cary, North Carolina.

Cortland Cary is the latest acquisition in an ongoing program of investment in the US by Round Hill Capital on behalf of the discretionary USRIG Fund, which targets and delivers access to defensive, garden style US multifamily investments in the Sunbelt region of the US for European institutional investors. USRIG is targeting to grow a significant multifamily housing portfolio, focused on stable, attractive and defensive income-producing assets in areas that will benefit from long-term appreciation.

This acquisition represents a continuation of Round Hill Capital’s expansion into the US, which began in November 2018 with the acquisition of Cortland North Brookhaven in Atlanta, GA, which continues to perform strongly.

With a long-established international expertise in the multifamily sector, Round Hill Capital serves as investment manager of the USRIG Fund. The community and day-to-day operations of the fund’s communities continues to be managed by a preeminent U.S. operating partner and their first-class local management teams.

Rental housing and especially more affordable, well-located multifamily housing assets in lower density US cities in the Sunbelt region have proved to be resilient throughout market cycles. The residential sector features as one of the most defensive real estate asset types despite the uncertainty caused by the pandemic, and the target region is expected to outperform in recovery from the wider economic impacts.

Cortland Cary was completed in 2019. The community comprises 205 moderately priced multifamily units and attractive amenities including co-working spaces, entertainment lounge, fitness centre, yoga studio, a pool, balconies and dog park.

Cortland Cary is exceptionally well positioned in the Raleigh-Durham market with easy access to extensive business, commercial, educational, medical and leisure/entertainment facilities and significant employment hubs, with excellent road, rail and airport connectivity.

Rob Reiskin, Senior Managing Director, Head of Americas says: “Even before Covid-19, there was a growing trend of demographic and employment migration to high growth employment hubs in the South East US. This trend has been accelerating since the pandemic, and with the growth of working from home and increasing economic uncertainty, it looks set to continue. We expect that our Cortland Cary investment and USRIG Fund will remain beneficiaries of these trends and we will continue to make further investments in well-located, high quality US multifamily housing assets with our European institutional investors.”

Michael Bickford, founder and CEO of Round Hill Capital, says: “We are pleased to offer our European investment partners the opportunity to invest with an experienced and responsible investment manager who is a leader in the US and European accommodation sector with a deep understanding of residential markets, whilst partnering with an exceptional operator to help further drive value for residents and investors alike."